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Providence Real Estate, a Wilmette, IL-based multifamily owner-operator, has closed its most recent private equity fund, the Providence Multifamily REIT and its affiliated entities.

The fund raised approximately $85 million in commitments from investors throughout the U.S., Europe, South America, and Asia and has more than $15 million in co-investments.

The fund invests in well-located multifamily properties that demonstrate an opportunity to be renovated and achieve higher rents from workforce renters in growing cities throughout the U.S. Currently, it owns the Stratford Apartment Homes in Atlanta, the Infinity Off Baldwin Park Apartments in Orlando and the Crosley Tanglewood Apartments in Houston.

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Providence’s CEO Alan Pollack, said that although fundraising was complicated by the pandemic and then the inflationary period, “investors remained hungry for investment opportunities with fund sponsors and operators who have long track records of profitable multifamily investments throughout a variety of challenging environments.”

Providence and its affiliates have been an active owner-operator of multifamily residential communities since 1985. Providence consists of an experienced group of professionals dedicated to searching for, identifying, acquiring, renovating, and operating multifamily properties in select U.S. markets. Providence is a fully integrated real estate organization with property, asset and construction management, as well as acquisitions, accounting, information technology and human resource divisions.

Source: Connectre

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